PALO ALTO, Calif., November 12, 2014 – Eversight™, the leading provider of software designed to improve promotion effectiveness and make better use of trade promotion dollars, announces Eversight for Consumer Goods™, a cloud-based Offer Innovation solution that enables retailers and consumer goods manufacturers to try out thousands of different promotions with real shoppers on digital platforms. Micro-testing provides insights useful for informing the traditional in-store promotional calendar, which represents more than $300B in spending in the U.S. annually. Multiple top consumer goods manufacturers, including Unilever and BIC, currently use the solution.
“Being able to objectively demonstrate that a promotion will have a certain outcome with real purchase data is delivering the power of e-commerce testing to our brick and mortar retail partners,” said Willian D’Andrea, VP Customer Marketing & Operations at Unilever. “We see this transforming our ability to discover innovative and effective promotions, resulting in a far more collaborative approach with retailers and higher shopper engagement. It is a fundamentally different conversation when you are able to jointly understand which offers consumers most prefer.”
Built on the Eversight Cloud platform, Eversight for Consumer Goods leverages recent advances in predictive analytics, machine learning, and data science to enable manufacturers to optimize in-store promotions by real-world-testing hundreds or thousands of different promotional offers. Testing is done through retailer and direct-to-consumer online platforms, such as Facebook, Google and digital coupon sites, as well as retailer websites and load-to-card mobile apps, where consumers make real purchase decisions based on the unique offer variant they are shown, as part of their normal shopping routines.
Offer Innovation – A Radically Different Approach to Promotions
Most companies still rely on “backwards looking” approaches that analyze aggregated data about consumer purchases to determine which promotions were effective in the past, and use this data to assert which offers to run next. The results are problematic; studies have demonstrated the majority of trade promotions to be ineffective, with many losing up to 50 cents on the dollar.
“Offer Innovation,” a unique experimentation-based approach pioneered by Eversight, represents a radical departure from the traditional approach. By digitally “micro-testing” hundreds or even thousands of different promotion variations with small groups of real shoppers, CPGs and retailers can uncover which offers are most appealing to consumers, achieving insights in a matter of days versus the months or years needed for traditional approaches.
As a result, companies can present consumers with more compelling promotions by finding breakthrough offer structures, new and distinctive claims language and calls to action, improved imagery, and more, driving higher in-store sales for their trade investment. Promotions based on Offer Innovation have been shown to yield 20-50 percent improvement in volume sales over traditional promotions.
David Kimball, VP-Finance, BIC North American Consumer Products, states, “Eversight is a truly breakthrough solution, and being on the front-end of the wave could dramatically impact our promotion efficiency. Current software packages use a syndicated data ‘rear view mirror’ approach. Eversight gives us the ability to do real-time testing based on current consumer reaction as opposed to what may have worked in the past. For example, we tested multiple feature price points during the critical back-to-school merchandising period to determine strong promotion options that may differ from current practice.”
“We pioneered this new approach to enable retailers and CPGs to better understand what really motivates their customers to buy,” noted Eversight Co-founder and former AB InBev Global Sales VP David Moran. “Most companies rely on generic guidelines for promotional events to try to stop the worst-performing deals from running. The time is right for our industry to get more sophisticated with its promotions and to start offering deals that consumers really care about.”
To learn more, download the eBook: Transforming Promotions With Offer Innovation
Availability
Eversight for Consumer Goods is available now directly from Eversight. To schedule a demonstration, or to learn more about Offer Innovation, and how Eversight can assist your promotional effectiveness, please visit eversightlabs.com
About Eversight
Headquartered in Palo Alto, Calif. and founded in 2013, Eversight provides Offer Innovation software that helps retailers and consumer goods companies dramatically improve promotion effectiveness and make better use of trade spend dollars. Eversight disrupts the $300B+ world of trade promotions by combining the latest in predictive analytics, cloud software, data science, and behavioral economics. Eversight Cloud™ enables customers to remove the guesswork and risk from trade promotions by micro-testing thousands of unique offers with real shoppers to find the best performing ones. Eversight serves as a strategic partner to some of the largest CPG brands and retailers, including Unilever and BIC. Visit eversightlabs.com to learn more.
Follow Eversight on Twitter at @Eversightlabs and on LinkedIn www.linkedin.com/company/eversight.
Contact: Lauren Curley, 617 529 6463, lauren@outright360.com.